Spot basis bids for corn and soyabeans were steady to firm at processors and elevators around the US Midwest on Wednesday, grain dealers said. The cash market drew support from slow country movement of both commodities. Farmer sales have dried up as the futures market has crumbled in recent weeks.
Sales remained slow on Wednesday as cash prices were still well below growers' targets despite the firming basis and mild futures market gains, dealers said. Most farmers were unlikely to book deals for the grain they have been holding in storage bins since harvest at current price levels unless they had some immediate cash flow needs, a dealer said. Dealers continued to roll their basis bids for corn to the May futures contract from the March contract, which expires on March 14.